Partnering with the Leading High-end Menswear Manufacturer Caruso
HONG KONG, Sept. 11, 2013 /PRNewswire/ -- One of China's leading business groups, Fosun International Ltd (00656.HK) via a fund under its management, acquired, through a capital increase, 35% of the stock of the leading Italian manufacturer of sartorial menswear Caruso Spa. This partnership is another example of Fosun's "combining China's growth momentum with global resources" business model. Caruso was chosen by Fosun as its first investment in the luxury sector in Europe. Guo Guangchang, Chairman and Founder of Fosun Group said; "we are interested in investments linked to the secular trend of manufacturing and consumption upgrade in China. Fosun will leverage its own competitve advantages to help Caruso expanding in the China market as well as bringing this precious made in Italy brand to the Chinese consumers".
PatrickZhong, Fosun's head of Global Investments, and Umberto Angeloni, President and CEO of Caruso, announced this news together on September 11th. Patrick Zhong said, "Following an in-depth analysis of the sector, Fosun has chosen Caruso as its first investment in luxury menswear, with a view of leveraging the company's competitive edge in 'virtuoso' manufacturing into an authentic Italian lifestyle brand for the global market." The concept is aimed at the new luxury consumer, who is interested in acquiring culture and know-how together with high value-added products, and whose sentiment is already beginning to alter the landscape of luxury menswear, starting in China.
Umberto Angeloni -- President, CEO and largest shareholder of Caruso, speaks enthusiastically about the deal: "Meeting with Patrick Zhong, initially as a client, was the perfect example of serendipity, whereby through a commonality of values and vision a major project was born, of larger depth and proportions than its economic component. Through this partnership, of which I am both honored and proud, we will present the international and especially the Chinese luxury consumer with a brand that is more niche and a product that provides more value than what is being offered today." "Carusohas chosen Fosun as its ideal partner to complete its current phase of evolution because it represents the most advanced expression of Chinese entrepreneurship -- informed, international, refined, and aware of social and ethical issues, all of which will shape the future of China's economy and society," he added.
The ultimate objective of the deal is therefore to position Caruso as one of the main players in the "new luxury" market. Umberto Angeloni said, "today this is no longer a matter of status, trends and opulence; rather, it reflects the individual's ability to discern the real worth of products and the best ways to appreciate them. Hand-made and custom-made are the ultimate levels of sophistication in a scenario where an informed customer is the ultimate arbiter of a brand's success."
"The synergy between Caruso and Fosun is quite evident, as is the empathy that has developed in the last couple of years with an entrepreneur as eclectic and experienced as Umberto Angeloni," said Patrick Zhong.
The meeting point of brand and customer will be Caruso's flagship stores, beginning with Milan, and followed in due course in the major luxury capitals of the world.
